Global Industrial Explosives Market Is Expected To Grow At A CAGR Of 6.5% Over The Forecast Period From 2017 To 2025 Growing Demand For Blasting Agents In Mining Applications Is Driving The Market Growth
The latest market report published by Credence Research, Inc. “Industrial Explosives Market, By Type (High Explosives (TNR, Dynamite, C4 and Others) and Blasting Agents (ANFO, Emulsion, Slurry and Others)), Application (Construction, Mining (Metal Mining, Non-Metal Mining and Quarrying) and Others) and Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global industrial explosives market is expected to grow at a CAGR of 6.5% over the forecast period from 2017 to 2025
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Increasing mining & construction events especially in developing regions such as Latin America and Asia Pacific are anticipated to bolster the growth of the global industrial explosives market. Developing countries such as China, India and Indonesia are focusing on commercializing the extraction of rare earth minerals as well as increasing the overall spending on construction and infrastructure.
Additionally, the quarrying industry is expected to foresee significant growth rate in the Latin America region due to surging demand for stone and sand from the construction industry. Also, increasing number of infrastructure and housing developments as well as rising demand for the improvement of public transportation services such as roadways and railways is further projected to bring impetus in the overall investment towards road development and tunneling projects.
This, in turn, is anticipated to accelerate the demand for industrial explosives in the Latin America and Asia Pacific regions. Furthermore, mining and exploration enterprises are channelizing investments for the extraction of minerals from deeper levels and thus are installing innovative technologies which in turn is driving the demand for emulsions and high explosives. However, growing number of mature mines as well as increasing regulations on the use of toxic explosives are some factors anticipated to impede the market growth.
Increasing usage of ammonium nitrate fuel oil as blasting agent and increasing preference towards dynamite as an igniting agent are some major factors expected to drive the industrial explosives market over the forecast period.
Moreover, use of industrial explosives over mechanical drills helps in reducing mineral loss since the blast is done on the upper surface whereas mechanical drills penetrate through the rocks containing minerals.
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Hence, advancements in technology on the reduction of mineral loss during extraction as well as increasing control on smashing rock density are some other major aspects driving the growth of the global industrial explosives market.
The global industrial explosives market is witnessing a steady growth owing to rising demand for cheaper and efficient substitutes of mechanical drilling. The key players in the global industrial explosives market are focusing on several market strategies such as collaborations and partnerships to strengthen their goodwill in the market.
Some of the major players operating in the global industrial explosives market include Orica Ltd., AEL Mining Services, Enaex S.A., EXSA S.A., Austin Powder Company, MAXAM Corp., Solar Industries India Limited, Hubei Kailong Chemical Group Co., Ltd, Davey Bickford and Dyno Nobel among others.
- Increasing investments on mineral exploration
- Increasing demand for industrial explosives in tunneling applications
- Increasing investments by governments to extract rare earth minerals especially in developing countries of Latin America and Asia-Pacific region
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